Monday, September 18, 2023
Indices: Nasdaq 100 +0.15% | S&P 500 +0.07% | Dow +0.02% | Russell 2000 -0.69%
Sectors: 2 of the 11 sectors closed higher. Tech led, rising +0.27%. Real Estate lagged, dropping -1.66%.
Commodities: Crude Oil futures inched lower by -0.21% to $90.58 per barrel. Gold futures rose +0.37% to $1,953 per oz.
Currencies: The US Dollar Index fell -0.24% to $105.07.
Crypto: Bitcoin inched higher by +0.29% to $26,607. Ethereum gained +0.89% to $1,642.
Interest Rates: The US 10-year Treasury yield fell to 4.307%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
— Frank Cappelleri (@FrankCappelleri) September 18, 2023
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). Bulls and bears have been playing a game of chicken for nearly two months, with neither side in control. Volatility has seemingly vanished, and it’s been rare to see daily swings in the S&P 500 exceed +/-1%. Despite the calm tone, pressure is building for a meaningful resolution or trend in either direction. The S&P 500 continues to coil into a triangle pattern, or pennant as it’s also called. We’re getting closer to a decision point as we approach the apex. Frank points out that all that’s missing is a catalyst or headline to spark the powder keg. These narrowing patterns typically resolve in the direction of the underlying trend, but, we’re entering what has historically been the worst two weeks of the year for the S&P 500.
Quote of the Day
“There are no atheists in a foxhole, and there are no pure fundamentalists in a market correction.”
– Josh Brown
The Dirty Dozen – Bespoke
Bespoke examines the seasonal headwind in the final 12 days of September.
This is Still a Problem – All Star Charts
JC Parets share his thoughts on the current market environment.
A Big Inflection Point in QQQ Nears; Bond Yields Test Top of Key Trading Range – StockCharts.com
Joe Duarte points out that Stocks and Bond yields are at a fork in the road.
Is Nvidia’s Stock Price Forming Monster Bearish Reversal Pattern? – Kimble Charting Solutions
Chris Kimble highlights the recent weakness in Nvidia ($NVDA).
If You Are a Believer in Carvana, Maybe You Can Buy the Dip: Freedom Capital Markets’ Jay Woods – CNBC
Jay Woods shares his technical perspective on Carvana ($CVNA), Nvidia ($NVDA), and KB Homes ($KBH).
The upcoming days are some of the weakest of the year for stocks. pic.twitter.com/EovFTZ96tQ
— Ryan Detrick, CMT (@RyanDetrick) September 17, 2023
— David Cox, CMT, CFA (@DavidCoxRJ) September 18, 2023
$SPX closed for the 100th straight session without a drop of at least 1.5%. It’s had four losses of more than 1% in the two months since it peaked for the year, but otherwise daily swings have been muted to an extent not matched since 2018. pic.twitter.com/XboPoeM64g
— Jessica Menton (@JessicaMenton) September 18, 2023
— Alfonso Depablos (@AlfCharts) September 18, 2023
Crude oil's tempo on its climb to 10 month highs has been fairly slow, but the 30% climb over the past three months is the biggest since the early 2022 rally.
— John Kicklighter (@JohnKicklighter) September 18, 2023
Oil prices are up 30% this quarter, and the US dollar is up 2%.
Last time we saw oil rise 30% and the dollar rally 2% in a quarter?
Q1 2022 (when the Russia-Ukraine conflict began).
— Callie Cox (@callieabost) September 18, 2023
A breakout system triggered a new buy signal for the Dollar Index. After similar alerts, the DXY rallied 79% of the time over the next three months.
The dollar becomes a problem for stocks once the 6-month ROC shows a gain of 10% or more. pic.twitter.com/r82oxxh2jq
— Dean Christians, CMT (@DeanChristians) September 18, 2023
— Jay Kaeppel (@jaykaeppel) September 18, 2023
Around the world in government yields pic.twitter.com/sUDIUa6qfp
— Mark Ungewitter (@mark_ungewitter) September 18, 2023
Yo, Charts – if the inflation dragon were slain, wouldn’t rates be going down? pic.twitter.com/Ts8NsiL59B
— da Chart Life (@daChartLife) September 18, 2023
this one keeps knocking on the door despite the ripper in real rates. I would have expected Gold prices to struggle a lot more, all things considered. when's the breakout? pic.twitter.com/Vvdp4Yxdxh
— J.C. Parets (@allstarcharts) September 18, 2023
If someone told you 5 years ago that there would be a pandemic and Pfizer would be the leading manufacturer of a vaccine with sales of over $70 billion in 2021-22, you'd probably assume Pfizer would outperform the market.
— Charlie Bilello (@charliebilello) September 18, 2023